Monster job cuts impact North American teams_2
10 September 2012
Monster Worldwide announced last week that it is to cut 15% of its workforce in a bid to boost efficiency and service to customers.
The job losses will impact non-sales related functions in Nor
The job losses will impact non-sales related functions in Nor
Monster Worldwide announced last week that it is to cut 15% of its workforce in a bid to boost efficiency and service to customers.
The job losses will impact non-sales related functions in North America, although it says parts of the global sales force with low productivity rates will also be affected.
A spokeswoman for Monster UK told Recruiter that it's too early to say what impact restructuring plans or the 800 job cuts in North America will have on its UK workforce.
The company expects the plan to reduce its current operating expenditure by $20m a year.
Internet data usage service Hitwise reports that Monster.com has suffered a 47% drop in site visits in the US market between July 2006 and July this year. Visits dropped 33% within the first six months of the year alone. Monster's figures contrast sharply with overall visits to US online employment sites, which have grown 13% over the past year, according to Hitwise.
Monster's restructuring plan will see the company invest $80m a year on new products, services and technology upgrades. It will also centralise non-revenue generating functions, such as human resources and finance, and invest in additional advertising and promotion.
Sal Iannuzzi, chairman and chief executive of Monster Worldwide, said: "Our top priority is to invest in key areas that will improve the customer experience and foster solid revenue growth, while at the same time lowering our cost base and streamlining operations."
Monster Worldwide's second-quarter profit fell 28% to $28.6m (£14.1m). Revenue increased to $331.2m, compared with $275.2m in 2006.
In May, global financial services firm Morgan Stanley estimated that Monster would hold 29.5% of the US online job board market for 2007 — second to CareerBuilder with 33.5%.
The job losses will impact non-sales related functions in North America, although it says parts of the global sales force with low productivity rates will also be affected.
A spokeswoman for Monster UK told Recruiter that it's too early to say what impact restructuring plans or the 800 job cuts in North America will have on its UK workforce.
The company expects the plan to reduce its current operating expenditure by $20m a year.
Internet data usage service Hitwise reports that Monster.com has suffered a 47% drop in site visits in the US market between July 2006 and July this year. Visits dropped 33% within the first six months of the year alone. Monster's figures contrast sharply with overall visits to US online employment sites, which have grown 13% over the past year, according to Hitwise.
Monster's restructuring plan will see the company invest $80m a year on new products, services and technology upgrades. It will also centralise non-revenue generating functions, such as human resources and finance, and invest in additional advertising and promotion.
Sal Iannuzzi, chairman and chief executive of Monster Worldwide, said: "Our top priority is to invest in key areas that will improve the customer experience and foster solid revenue growth, while at the same time lowering our cost base and streamlining operations."
Monster Worldwide's second-quarter profit fell 28% to $28.6m (£14.1m). Revenue increased to $331.2m, compared with $275.2m in 2006.
In May, global financial services firm Morgan Stanley estimated that Monster would hold 29.5% of the US online job board market for 2007 — second to CareerBuilder with 33.5%.
